# Table 3b: Aggregate Gross Positions (Excl Financial Centers)

| Variable | ExFC: gross_assets_gdp | ExFC: gross_liab_gdp | ExFC: gross_ifi | ExFC: nfa_gdp |
|:---|---:|---:|---:|---:|
| Z_1 | 70.7706 | 250.4533 | 321.2239 | -0.1117 |
| | (316.3302) | (309.8077) | (607.8070) | (0.2322) |
| Z_2 | 8.0696 | -19.4499 | -11.3802 | 0.0230 |
| | (48.1520) | (47.1591) | (92.5208) | (0.0347) |
| Z_3 | -0.5172 | 0.5402 | 0.0230 | -0.0011 |
| | (2.0047) | (1.9633) | (3.8518) | (0.0014) |
| fiscal_bal_gdp | -0.2463 | -0.7666*** | -1.0128* | 0.0112*** |
| | (0.2801) | (0.2743) | (0.5382) | (0.0011) |
| nfa_gdp_lag | -18.7827*** | -18.6269*** | -37.4096*** | 0.9088*** |
| | (2.6852) | (2.6298) | (5.1593) | (0.0052) |
| log_rel_opw | -45.4206*** | -37.6568*** | -83.0774*** | 0.0030 |
| | (10.4636) | (10.2478) | (20.1051) | (0.0080) |
| kaopen | 3.8570 | 1.0497 | 4.9067 | 0.0080** |
| | (2.8906) | (2.8310) | (5.5541) | (0.0039) |
|:---|---:|---:|---:|---:|
| Dep var | gross_assets_gdp | gross_liab_gdp | gross_ifi | nfa_gdp |
| N | 4344 | 4344 | 4344 | 4342 |
| R² | -0.0564 | 0.0043 | -0.0277 | 0.8963 |
| Countries | 158 | 158 | 158 | 158 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*